Incomplete Novation = No Direct Economic Interest

Parties with an unapproved novation agreement aren’t eligible to protest agency award decisions. The GAO found that under the bid protest provisions of the Competition in Contracting Act of 1984 only an “interested party” may protest a federal procurement. The protester must be an actual or prospective offeror to have a direct economic interest in the award of a contract. In the Matter of: Wyle Laboratories, Inc., File:  B-416528, dated September 7, 2018 the GAO held Wyle did not

Your Small Business Exit Strategy: Think Bigger

Many small business owners dream of the day they can sell their business and retire to a life of opulent leisure.  Well, perhaps not opulent.  Comfortable.  That dream usually involves a cash sale of their business (perhaps at an unrealistic price), preferably as early as possible.  Age 65, for many, is an abstraction.  We may be hurtling quickly toward it, but most retirement dreamers don’t want to wait that long. How sophisticated is the average small business retirement dream? 

Seven Mistakes You’re Likely to Make When Selling Your Business

You haven’t thought enough about how you’re getting paid. Business owners almost always have an idea what their business is worth, and it’s usually based on some formula they’ve either heard about or developed on their own over the years.  What owners often fail to consider is how dramatically that price can differ based on the means of payment.  An all cash at closing sale should bring a different price than, for instance, an installment sale over a term of years, or payment

Holdbacks When You Buy

REQUEST A CONSULTATION What is a “holdback” and how can it help We’ve all bought something that didn’t live up to our expectations.  When it’s something small, we may grumble about it for a moment or two, and move on with our lives.  When you’re buying a business, your financial life may hang in the balance.  Understanding your rights if you don’t get the business you were promised, or better yet, having an effective remedy, is critically important. In